Shares of lithium miner Lithium Americas (NYSE:LAC) bounced 10% today, taking its gains for the week to over 30%.
The miner of material for batteries received some positive analyst coverage Tuesday night, with a price target still above where shares closed today.
Yesterday, Stifel analyst Anoop Prihar initiated coverage of Lithium Americas with a buy rating and $13.25 price target. That represents another 7% potential on top of today's bounce.
The latest coverage comes as the Canadian miner continues to advance development of lithium projects in Argentina and in Nevada.
The Stifel analyst cites its growth in those projects as a move toward becoming one of the largest global lithium suppliers. Though Prihar says that the stock offers "attractive upside potential" from its growth strategy, investors should note that the Nevada project won't be operational until at least 2024.
But the Thacker Pass project in Nevada should reinforce the battery supply chain domestically. In October, President Trump signed an executive order declaring a national emergency in the mining industry, saying it was "particularly concerning" that the United States imports 80% of its rare-earth elements directly from China.
The order also stated that the "United States must broadly enhance its mining and processing capacity." Long-term investors are looking to companies like Lithium Americas to supply those needs.